Homebuyer Resources – Island Housing Trust

IHT – SOFT SECOND LOAN PROGRAM →

The Island Housing Trust administers a soft second loan program for leasehold properties in certain island towns up to $15,000. The 3% loan is payable when the homeowner refinances their house or sells.

ISLAND AFFORDABLE HOUSING FUND →

The Island Affordable Housing Fund is a non-profit promoting stable year-round housing on Martha’s Vineyard by purchasing permanent, year-round deed restrictions, providing down payment assistance, and preserving and relocating existing buildings which are slated to be demolished.

EQUITY BUILDER PROGRAM →

The Federal Home Loan Bank of Boston’s Equity Builder Program offers members grants to provide households with incomes at or below 80 percent of the area median income with down-payment, closing-cost, home-buyer counseling, and rehabilitation assistance. Contact any Federal Home Loan Bank member bank for more information.

HOME PARTNERSHIP LOAN PROGRAM →

The Martha’s Vineyard Bank and an employer partner on a residential mortgage to facilitate homeownership.

MHP – ONE MORTGAGE PROGRAM →

Low down payment low interest loans for first time homebuyers are available. Contact Massachusetts Housing Partnership at 800.752.7131.

USDA RURAL DEVELOPMENT DIRECT LOAN PROGRAM →

Rural Housing Direct Loans are directly funded by the federal government. These loans are available for low and moderate-income households towards homeownership. Applicants may obtain 100% financing to purchase an existing dwelling, purchase a site and construct a dwelling, or purchase newly constructed dwellings located in rural areas. The purpose is to provide financing at reasonable rates and terms with no down payment. Mortgage payments are based on the household’s adjusted income. Rural Development offices are located in West Wareham and can be reached at 508.295.5151.

MASSHOUSING DOWNPAYMENT ASSISTANCE→

MassHousing is providing downpayment assistance to eligible homebuyers in every town in Massachusetts.

NACA (Neighborhood Assistance Corporation of America) →

NACA is a nonprofit corporation whose goal is to stabilize neighborhoods and maximize homeownership opportunities for working people. NACA offers below market interest rate financing with favorable terms for income-qualified households. NACA offices are located in Boston and can be reached at 888.302.NACA.

DOWNPAYMENT ASSISTANCE FROM THE FEDERATED CHURCH AND THE MV COMMUNITY FOUNDATION →

The trial Down Payment Assistance Program is designed to assist year-round residents who can afford monthly mortgage payments but need help with the down payment. The program offers a 10-year forgivable grant for down payment assistance, covering up to 7% of the purchase price, for applicants qualifying at the 140%-240% Area Median Income (AMI) for Dukes County.